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Ubyx Inc., a stablecoin infrastructure startup spearheaded by former Citigroup executive Tony McLaughlin, has successfully raised $10 million in seed funding. The funding round saw contributions from notable investors, including Galaxy Ventures, Peter Thiel’s Founders Fund, Coinbase Ventures, Paxos, and VanEck. With this financial backing, Ubyx aims to accelerate its development and launch a global stablecoin clearing system by the end of the year.

The Mission: Solving Stablecoin Fragmentation

The primary goal of Ubyx is to address the fragmentation challenges within the stablecoin market. Currently, the market is characterized by multiple issuers and incompatible blockchains, creating barriers for widespread adoption. Ubyx plans to establish a unified acceptance network, operating similarly to payment systems like Visa or Mastercard. This network will enable financial institutions, including smaller banks, to issue and accept stablecoins without the need for extensive infrastructure development.

“This would enable people to take stablecoins to a bank and for the bank to give them credit for the equivalent in their account,” explained Tony McLaughlin, founder and CEO of Ubyx Inc.

Multi-Blockchain Support

Ubyx’s platform will support multiple blockchain networks, including Solana, Base, Canton, and the XRP Ledger. In addition to stablecoins, Ubyx will also accommodate other digital money formats, such as tokenized deposits and central bank digital currencies (CBDCs). This interoperability is expected to enhance the usability and scalability of stablecoins across the financial ecosystem.

A Crucial Moment for Stablecoins

The launch of Ubyx comes at a critical time for the stablecoin industry. The U.S. Senate is currently considering new legislation, known as the GENIUS Act, which could establish a national framework for stablecoin oversight. As regulatory clarity emerges, the demand for reliable and interoperable stablecoin infrastructure is anticipated to grow significantly.

Additionally, the stablecoin market has seen major developments, such as Circle’s recent public listing. Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has set a precedent for other stablecoin issuers and tech firms to enter the space. This trend underscores the need for a unified infrastructure, which Ubyx seeks to provide.

Expert Insights

“For stablecoins to truly scale, the world needs an interoperable acceptance network that connects issuers with regulated financial institutions,” stated Galaxy Digital CEO Michael Novogratz.

Looking Ahead

With its innovative approach and strong backing from key players in the crypto and financial industries, Ubyx is well-positioned to become a pivotal player in the stablecoin ecosystem. As the company moves closer to launching its network, it aims to bridge the gap between stablecoin issuers and traditional financial institutions, paving the way for broader adoption and integration of digital currencies.

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